We are on the Verge of Economic Catastrophe

[Axulus]

Is the goal to get trade concessions from other countries or is it to create a manufacturing economy here? Cuz as usual Trump is talking out of both sides of his mouth.

It was the first case initially, but because the tariffs proved unpopular, Trump is now pointing to futire possible concessions as "proof that tariffs work".

He is also getting advice from both sides. Peter Navarro is telling him the tariffs have to stick long term to bring manufacturing back to the US and bring in revenue to the government, there will just be a short term period of uncomfortable transition. This is Trump's instinct as well since he has always talked about how much he likes tariffs.

Then there is the other wing that is warning him this will cost him the midterms, the stock market is freaking out, the rich donors are calling and crying, that this could crash the economy and ruin his legacy. They are giving him an offramp: use them as a negotiation tactic and call it a win.

And we have one mentally unwell and very stupid person person who doesn't know who to listen to and how to handle it, deciding the fate of the world economy.

 

[Elixir]

They are giving him an offramp: use them as a negotiation tactic and call it a win.

That's going to happen REGARDLESS of anything else. Except for China - Leon's obsolete technology has to be protected, so China will be the Country that Trump is least likely to negotiate with. I find myself giving Xi a virtual pat on the back for sticking it to Trump; he knows The Felon has "no cards", to use a Trump term.
Manufacturing is NOT coming back. Nobody is building, or even planning to build new factories in this environment of capriciousness, stupidity and shortsightedness. We are a service economy now; nobody wants to be the person screwing little screws into $10,000.00 iPhones for the $2/hr people are paid for that job.

 

[Politesse]

I wrote an aggrieved letter to my local House representative concerning the tariffs and got a bland ChatGPT-assisted email back encouraging me to have "faith and patience" with President Trump's master plan, and citing an as-yet fictional free trade agreement with Argentina as evidence that the tariffs are "already working to make life better for the American people."

Because, you know, having the cost of Argentinian goods only increase slightly rather than severely is exactly what my personal budget needed. I'll never run out of *checks wikipedia* crude oil, corn or soybeans again. Wait, don't we grow or extract all three of those in this county anyway?

 

[crazyfingers]

I wrote an aggrieved letter to my local House representative concerning the tariffs and got a bland ChatGPT-assisted email back encouraging me to have "faith and patience" with President Trump's master plan, and citing an as-yet fictional free trade agreement with Argentina as evidence that the tariffs are "already working to make life better for the American people."

Because, you know, having the cost of Argentinian goods only increase slightly rather than severely is exactly what my personal budget needed. I'll never run out of *checks wikipedia* crude oil, corn or soybeans again. Wait, don't we grow or extract all three of those in this county anyway?

Republican I take it now that you are in the central valley and that comment.

 

[crazyfingers]

Is the goal to get trade concessions from other countries or is it to create a manufacturing economy here? Cuz as usual Trump is talking out of both sides of his mouth.

He can't have it both ways. Maybe he realizes that. Maybe not. But he thinks that if he can makes the claim enough times people may believe he can have it both ways. Reality has never mattered to Trump or the MAGAtards.

 

[Axulus]

There are early warning signs the rest of the world is starting to dump US treasuries. Expect a massive financial crisis and deep recession with high inflation if this accelerates.

 

[Politesse]

I wrote an aggrieved letter to my local House representative concerning the tariffs and got a bland ChatGPT-assisted email back encouraging me to have "faith and patience" with President Trump's master plan, and citing an as-yet fictional free trade agreement with Argentina as evidence that the tariffs are "already working to make life better for the American people."

Because, you know, having the cost of Argentinian goods only increase slightly rather than severely is exactly what my personal budget needed. I'll never run out of *checks wikipedia* crude oil, corn or soybeans again. Wait, don't we grow or extract all three of those in this county anyway?

Republican I take it now that you are in the central valley and that comment.

Yes, a real empty suit of a Republican, Tom McClintock.

 

[lostone]

I can see, how that if you are over 74, any promises about how these tariffes might provide long range benefits are worthless promises to those who will never live to see them.

 

[Axulus]

Trump said we have to take our medicine, and I think I agree. We may have to bear down and suffer a partial destruction of the US economy to get rid of this tyrant. It won't happen any other way. As Rand Paul mentioned, the last time the GOP did this in 1930, the Democrats controlled the house in the next 31 out of 33 congresses, and controlled the senate in the next 26 out of 33.

We need this. Embrace it and prepare for it. Don't stand in their way until their political support is gone for a generation or more. We're gonna need a long time to rebuild things and we can not let them get in the way trying to bring back authoritarianism and fascism every 4 or 8 years.

Slow down and stop their authoritarianism and fascism and do everything needed to protect free and fair elections, but do not prevent them from self destructing.

 

[crazyfingers]

Yes, a real empty suit of a Republican, Tom McClintock.

Having read up on him I'd say that he's a piece of shit.

 

[Politesse]

Yes, a real empty suit of a Republican, Tom McClintock.

Having read up on him I'd say that he's a piece of shit.

You're not wrong. He's actually proud of being unreachable by his constituents... but I am tenacious. They're gonna regret letting me move back into town.

 

[Jimmy Higgins]

Trump defies most precedence. The market is down 600 pts in overnight trading and a 100+% tariff has to have the actual elites fuming. While they can manage a depression, they'd rather not. Trump is a fraud, no one likes him, they just like the cover he provides for the massive tax cuts.

 

[GenesisNemesis]

Another possibility is Trump is simply jealous of the gains Biden made, so he's now just attempting to erase them regardless of the consequences, because he's that petty.

 

[Jimmy Higgins]

Another possibility is Trump is simply jealous of the gains Biden made, so he's now just attempting to erase them regardless of the consequences, because he's that petty.

I'd think his strings are being pulled by a person who wants America and the West to fall.

 

[Elixir]

 

[Elixir]

Another possibility is Trump is simply jealous of the gains Biden made, so he's now just attempting to erase them regardless of the consequences, because he's that petty.

I'd think his strings are being pulled by a person who wants America and the West to fall.

People. Putin, Duterte, Bin Salmon, Kim … a pretty long list actually.

 

[bilby]

Randall Monroe sums it up perfectly:

 

[Axulus]

The treasury dump accelerates. As Trump so strongly believes: in for a penny, in for a pound. In this case, an ass pounding.

 

[Axulus]

Great analysis of Trump's tariffs by a former US intelligence officer

 

[TV and credit cards]

Since April 2, oil has dropped about $14. Can't imagine it's because they are drilling baby drilling.
It doesn't look like Bitcoin has quite the safe haven aspect I thought it was suppose to. So then, what is it for again?
Bonds were looking like the safe haven bet but more recently, not so much. So does this show a lack of confidence in the US? I guess so.
Good old useless gold though. Up about 50% since it started its march about 14 months ago.
Couldn't hurt to start stocking up on beans and rice. They keep. Might need some ketchup too.

Meanwhile, the Party Of Trump is largely sticking by their stable genius, nibbling around the edges a bit by posing hard questions to his aides but not taking their lord's name in vain. It's a hell of a thing to take a wait and see attitude about though, innit?

I can't help but draw parallels between idiot Trump and idiot Putin. These are events that will necessarily shift markets on a permanent basis regardless of the outcome. Countries dependent upon trade with the US cannot chance having to suffer another Trumplike creature in the future. The US was 75% of Canada's export market.

It's congress' move now.